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sweet [91]
3 years ago
8

On February 15, Jewel Company buys 7,300 shares of Marcelo Corp. common stock at $28.56 per share plus a brokerage fee of $400.

The stock is classified as available-for-sale securities. This is the company’s first and only investment in available-for-sale securities. On March 15, Marcelo Corp. declares a dividend of $1.18 per share payable to stockholders of record on April 15. Jewel Company received the dividend on April 15 and ultimately sells half of the Marcelo Corp. stock on November 17 of the current year for $29.33 per share less a brokerage fee of $250. The journal entry to record the dividend on April 15 is:______.A) Debit Cash $8,614; credit Dividend Revenue $8,614.B) Debit Cash $8,614; credit Interest Revenue $8,614.C) Debit Cash $8,614; credit Gain on Sale of Investments $8,614.D) Debit Cash $7,865; credit Dividend Revenue $7,865.E) Debit Cash $7,865; credit Interest Revenue $7,865.
Business
1 answer:
andriy [413]3 years ago
4 0

Answer:

A. Debit Cash $8,614; credit Dividend Revenue $8,614.

Explanation:

The journal entry for recording the dividend as on April 15 is shown below:

On April 15

Cash Dr (7,300 shares × $1.18 per share) $8,614

       To Dividend revenue $8,614

(Being the dividend is recorded)

For recording this here we debited the cash as it increased the assets and credited the dividend revenue as the revenue is also increased

Therefore the correct option is A.

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IrinaVladis [17]

Answer:Ordinary Business income loss =-$20,500.

Explanation:

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Ordinary Business income loss = Sales revenue - cost of good sold, -employee wages- rent expense.

$27,000- $19,000-$`17,000-$11,500= -$20,500. to be reported on its X4 return

6 0
3 years ago
As robin uses her computer to write a report of her team’s investigation she is struggling to keep the foot notes numbered in th
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It is advisable for Robin to use the word-processing software to enter footnotes to number them systematically.

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8 0
2 years ago
A researcher conducts a survey of people who use anxiety medications, recruited through an advertisement in the local paper. the
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5 0
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Explanation:

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